‘If Balsillie were to build a new rink in, say, Waterloo, or in the nearby cities of Kitchener, Guelph or Cambridge — all just north of Hamilton and therefore beyond the territorial reach of the Sabres — he would have only the Leafs to bargain with. The Leafs, the N.H.L.’s richest team, could well afford to have another team in the GTA, as long as the extremely wealthy Balsillie paid them an extremely high indemnity.’